PSH-Annual-Report

Annual Report Year Ended December 31, 2014The CompanyPershing Square Holdings, Ltd. (the “Company” or “PSH”) was incorporated with limited liability under thelaws of the Bailiwick of Guernsey on February 2, 2012. It commenced operations on December 31, 2012as a registered open-ended investment scheme, and on October 2, 2014 converted into a registeredclosed-ended investment scheme. Public Shares of the Company commenced trading on EuronextAmsterdam N.V. (“Euronext Amsterdam”) on October 13, 2014 with a trading symbol of PSH.The Company has appointed Pershing Square Capital Management, L.P. (“PSCM,” the “InvestmentManager” or “Pershing Square”), a Delaware limited partnership, as its investment manager pursuant toan agreement between the Company and the Investment Manager. The Investment Manager hasresponsibility, subject to the overall supervision of the Board of Directors, for the investment of theCompany’s assets and liabilities in accordance with the investment strategy set forth in the Company’sProspectus.The Company’s investment objective is to preserve capital and to seek maximum, long-term capitalappreciation commensurate with reasonable risk. The Company seeks to achieve its investment objectivethrough long and short positions in equity or debt securities of public U.S. and non-U.S. issuers (includingsecurities convertible into equity or debt securities), derivative instruments and any other financialinstruments that the Investment Manager believes will achieve the Company’s investment objective.PERSHING SQUARE HOLDINGS, LTD. 1